HIGHOutside partyCustomer
73%
top ten customers
“10-K Item 1A: 'our top ten customers represented 73% of our total revenues'”
LB · Concentration risk · 10-K extracted
LandBridge (LB) concentration risks
Updated
The most significant concentration LandBridge discloses is top ten customers at 73%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Source: LandBridge’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH2
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inGeographic
Permian Basin
“10-K Item 1A: 'Our acreage is located in the Permian Basin in Texas and New Mexico making us vulnerable to risks associated with geographic concentration in that basin'”
MEDIUMOutside partyCustomer
WaterBridge
“10-K Item 1A: 'a significant portion of our revenues is derived from WaterBridge'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-03The company's disclosed concentration profile is defined by a high-share customer dependency and a reinforcing geographic exposure that compound each other's effect. The top ten customers represented 73% of total revenues — a high share by disclosed size with a dependency character, meaning the revenue base is substantially controlled by a small number of counterparties. A loss, volume reduction, or renegotiation at any of those relationships would be directly visible in total revenues given the concentrated weight. Layered on top of the customer concentration is a high-share geographic exposure: the company's acreage is located in the Permian Basin in Texas and New Mexico, making it vulnerable to risks associated with geographic concentration in that basin. This is structural in character — the footprint reflects where the assets are, not a transient allocation — so the geographic tilt is durable and cannot be diversified away in the near term. Macro, regulatory, or infrastructure disruptions specific to the Permian Basin would affect the company disproportionately. A medium-share individual counterparty dependency is also disclosed: a significant portion of revenues is derived from WaterBridge. The medium disclosed size for this relationship suggests it is meaningful but sits below the top-ten aggregate in relative weight. Together, customer concentration and geographic concentration are mutually reinforcing — a regional shock could simultaneously pressure volumes and strain the concentrated customer relationships, leaving limited offsets in the portfolio.
For the engine’s reasoning on LB’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Oil & Gas E&P
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AROC | Archrock, Inc. | 2 | 1 | 0 | 3 |
| LB● | LandBridge Company LLC | 2 | 1 | 0 | 3 |
| AESI | Atlas Energy Solutions Inc. | 1 | 2 | 0 | 3 |
| BKR | Baker Hughes Company | 1 | 0 | 0 | 1 |
| FLOC | Flowco Holdings Inc. | 0 | 1 | 0 | 1 |
| FTI | TechnipFMC plc | 0 | 0 | 2 | 2 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.